With the new health care changes under the Affordable Care Act (Obamacare) for Oregon, one thing you’ll notice is it’s designed to make comparing health insurance plans a lot easier.
In the past comparing health insurance plans was almost impossible because every health insurance plan was so different. Now, once Cover Oregon opens up October 1st, 2013 (Oregons new Health Insurance Marketplace)… every health insurance company who has decided to offer plans on the Cover Oregon marketplace has to provide certain “standard” Cover Oregon plans that provide the same levels of coverage.
That way you can truly compare a plan from one company against another, and the only main difference would be price and the trust you have in that company.
(NOTE: All plans sold, both on and off of Cover Oregon, now must provide certain minimum benefits. Those benefits that all plans must include are at the bottom of this page)
How Much Of Your Medical Expenses Will Each Plan Cover?
Here are the standard plans you’ll find in Cover Oregon once it opens up October 1st, 2013. [Click here to Join our Email Alerts list for an email or text reminder when you can start to apply for insurance coverage through Cover Oregon]. Since each plan must cover those minimum required benefits we mentioned earlier, the main difference between the plans is the percentage of out of pocket expenses they’ll cover.
See the chart below:
It’s pretty simple. All four plans have the same minimum benefits (see the minimum required benefits). So, the main difference between the four plans is the amount of your medical expenses that the plan will cover. As the graphic above shows, the Bronze plan will cover about 60% of your covered medical expenses every year… while the Platinum plan covers about 90% each year.
From there, each insurance company will decide what their plans will cost.
For detailed explanations of each Cover Oregon Plan… click the links below.
When you’re shopping on Cover Oregon once it opens October 1st, 2013, you’ll notice that a Silver plan from one company may be much more expensive than a Silver plan with another company.
The essential coverage is the same… but as a general rule, a plan with a higher deductible (which is the amount of your medical expenses you have to pay each year before the insurance plan will start to pay their share) will have a lower monthly rate. A plan with a lower deductible will tend to have a higher monthly rate.
Those who are healthy and who have less visits to the doctor may find that a higher deductible will save them money in the long run. Those who expect more visits to the doctor each year may choose a lower deductible and higher monthly payment. The choice is yours.
Why Are The Cover Oregon Plans Named After Metals?
It might seem kind of weird the Cover Oregon Plans are named after metals. There are a couple reasons why, but the main reason is because those who created the health care law thought it would be easier for people to quickly know, for instance, that a Silver Plan is better than a Bronze Plan… and of course a Gold Plan is better than a Silver Plan. Kind of like the Olympic medals.
So, if you plan on looking for health insurance on Cover Oregon once it opens October 1st, 2013… just know that the Bronze Plan is the lowest coverage (covering about 60% of your medical expenses) and the Platinum Plan offers the most coverage (covering about 90% of your medical expenses)… with Silver and Gold being in between.
What Do You Do Next?
If you still have questions, keep browsing this website. Or if you haven’t already, see if you’ll qualify for payment assistance on your health insurance premiums using our Cover Oregon health insurance calculator.
But, if you plan on shopping for Oregon health insurance coverage after October 1st, 2013 (when Cover Oregon officially opens up for applications) then you’ll want to first join our email / text alerts list so you get updated when things change that will affect your health insurance, Second, like us on Facebook, Third… learn more about the Oregon health insurance companies who will offer insurance on Cover Oregon… so you can choose a company you feel comfortable with.